FAQ on Retirement Planning
At Johnson Brunetti, we are committed to helping you navigate your financial concerns as you approach one of the most complex yet rewarding phases of your life. This week, Joel Johnson, CFP®, joins Retire Wiser with NBC Connecticut to address some pressing retirement planning questions sent in by our valued listeners and viewers.
What Should I Do If I’m Forced to Retire?
Our first retirement planning question is from Tom, who asks, what should I do if I was forced into retirement before I was retirement-ready? Whether you recently lost your job or were forced to retire, you must first determine whether you need to go back to work or are in sufficient financial standing to retire.
To help make this critical decision, it’s important to assess the financial impact of each option. By sitting down with a financial advisor, you can create a personalized financial plan that takes into consideration all the factors involved in your unique situation. If you are ready to retire, now the question is, do you want to continue working? That choice can depend on what you envision for your lifestyle going forward.
How Much is Enough to Retire?
Just like most pre-retirees who are in search of a magic retirement number, Sheila poses a vital question, how will I know when I have enough money to retire? The first step to answering this is to consult with a financial advisor. A solid financial plan can provide a detailed projection of cash flow throughout the rest of your life, outlining how much money you need, whether you are on target, and if not, how to make the proper adjustments to get you back on track. Retirement can be an exciting new chapter in your life, make sure you are equipped with the right tools and guidance to meet your goals and fully enjoy the years ahead.
Should I Roll My 401(k) Into an IRA?
Linda wonders if she should move her old 401(k) from a previous employer into an IRA. The short answer is that it depends. You want to make sure you’re maximizing the funds in your 401(k) or a similar employer-sponsored qualified plan. That could mean moving it into an existing 401(k) or an IRA. Many people who choose an IRA rollover find it offers more investment flexibility and control. With the professional guidance of your financial advisor, you can evaluate the pros and cons of an IRA rollover in relationship to your overall retirement savings goals.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Most Asked Social Security Questions
It’s no question that Social Security plays a crucial role in retirement planning, helping to provide a stable income stream for millions of recipients. In this week’s Better Money Boston with … -
Podcast Episode 402: How Often Should You Meet with Your Financial Advisor?
A good relationship between a client and their financial advisor relies on clear communication and regular check-ins to ensure everything is on track. In this episode of the Money Wisdom podcast, … -
Think Like the Rich
As you enter retirement, your financial focus shifts from growing your wealth to preserving your assets and generating income. In this stage of life, adopting the mindset of the wealthy can go a l… -
Leaving a Lasting Legacy
Estate planning can be a difficult yet necessary conversation to have with your loved ones. Everything from the distribution of your assets to your wishes regarding end-of-life care is up for disc… -
Right Time for Social Security
Contrary to popular belief, waiting to claim Social Security until age 70 to get the maximum benefit is not the best decision for everyone. So, when is the right time? In this week’s Retire Wis… -
Social Security: Make Your Choice
There are many options when it comes to taking Social Security, but only one that’s right for you. It’s one of the few retirement decisions that is nearly irreversible. Once you choose when to cla… -
What is the Social Security Fairness Act?
You may have heard about the Social Security Fairness Act, which was signed into law on January 5, 2025. But what is it and who does it help? In this week’s Money Wisdom Question Series, Ian Fe… -
Finding Your Way on Taxes
Taxes can be confusing on any given day, but in retirement, they require even more attention and understanding. In fact, taxes are at the core of nine out of every ten conversations we have with t… -
How to Effectively Plan for Healthcare in Retirement
As you approach retirement, the reality of rising healthcare costs becomes clearer. When planning for this significant expense, it’s important to consider all aspects – from prescription drug cost… -
Case Study: Steps to Determine How Much Money You Need
Imagine you’re 63 and ready to retire, with plans to live on $80,000 a year. The question is: how much should you have saved by that time? Nicholas J. Colantuono, CFP® joins Better Money Boston…
